The present invention relates to picture frames and, more particularly, to a picture frame assembly which is an improvement over my earlier U.S. Pat. Nos. 3,552,052 and 3,053,001, the disclosures of which are hereby incorporated by reference herein. Specifically, the picture frame assembly of the present invention, in accordance with a first aspect thereof, comprises the unique combination of an integrally molded frame member and means secured to the rear face of the frame member, and preferably molded thereto, for retaining pictures and the like of various thicknesses within the frame. In accordance with a second aspect of the present invention, the frame member is molded with a mold including at least a pair of concentric mold members, such that the innermost mold member can be removed and replaced so as to enable the quick and easy formation of a plurality of frame configurations.